Visa and Mastercard ask the court to approve the US swipe-fee settlement before the 16 November hearing

Visa and Mastercard filed a joint reply on 14 October urging the US District Court in Brooklyn to give final approval to their proposed settlement with a class of about 12 million merchants. The case over card acceptance fees dates back to 2005. Judge Brian Cogan granted preliminary approval in June 2026, finding the deal better than a 2024 version the court had rejected, and the final approval hearing is set for 16 November 2026. Under the proposed terms, credit interchange rates would fall by 10 basis points for five years, and a 1.25% rate would apply to standard consumer cards for eight years. Merchants would also gain the right to decline some higher-cost premium and commercial Visa and Mastercard credit cards, a break from the long-standing honour-all-cards rule, plus wider rights to surcharge and to offer discounts that steer shoppers to cheaper cards. Walmart, the National Retail Federation and the Retail Industry Leaders Association oppose the deal. Walmart wants to opt out of the class, and large retailers say they cannot realistically turn away premium cards their customers like. The networks call the objectors a vocal minority repeating arguments the court has already rejected. A separate fight over fees is also under way: 18 merchant plaintiffs have asked for $36 million in objector fees, which class counsel opposed on 15 October. For online merchants, the outcome matters because card-not-present volume is heavily credit-based. If approved, the settlement sets the US credit acceptance cost and the card-acceptance rules for most of the next decade. If it is rejected, the litigation goes on and today's pricing and honour-all-cards rules stay as they are.